Panama endorses KYC registry

SWIFT reports that Panama’s Bank Association, PBA, with regional membership of 71 domestic and international banks, endorses The Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information on correspondent banks’ requirements for KYC compliance.

Mario de Diego, executive vice-president at the PBA, says the endorsement is a clear illustration of the association’s steadfast commitment to collaborate with the international community to prevent financial crime and to attain financial inclusion. “The PBA looks forward to effectively having all its member banks on The KYC Registry,” he says.

Ricardo Fernandez, superintendent of Banks of Panama, adds that the adoption of the Registry by Panama’s financial community furthers its commitment to enhance transparency amongst corresponding banks, a critical aspect of the country’s economic development. “Public-private partnerships are instrumental in supporting a country’s regulatory framework and its compliance with international standards,” he says.